Shein targets US$27b valuation with Hong Kong IPO

Shein announced on Monday that it will list on the Hong Kong stock exchange on September 1, aiming for a valuation of nearly US$27 billion. The online fast-fashion retailer plans to issue 280 million shares priced between HK$47.60 and HK$49.50, raising up to HK$13.86 billion (US$1.7 billion). The exact listing price will be disclosed on August 31, potentially valuing the company at around US$26.8 billion.

Founded in China and currently based in Singapore, Shein secured Beijing's approval for its IPO in Hong Kong, after facing regulatory hurdles in previous attempts to list in New York and London. Leveraging its Chinese factories, Shein distinguishes itself through rapid product design and an efficient supply chain. The retailer's extensive product range at affordable prices has positioned it alongside Amazon in the U.S. market.

With proceeds from the listing, Shein intends to invest in technology and expand its global footprint. Despite reporting a US$2.06 billion net profit in 2025, Shein faced a US$99 million quarterly loss in the same year due to the U.S. revoking an import duty exemption on small packages. The Hong Kong-based company relocated its headquarters to Singapore between 2021 and 2022.

Shein maintains an edge over competitors by ranking suppliers based on their flexibility and ability to promptly fulfill orders, periodically eliminating underperforming suppliers. By the end of 2024, Shein boasted a European customer base of 156 million average monthly users, making it one of Europe's leading e-commerce platforms alongside Chinese rivals AliExpress and Amazon.